Thursday, September 25, 2014

An Easy Way to Calculate Your B2B Lead Quota

Here's a crucial question for business-to-business marketers: How many B2B leads do you need to reach your revenue target? The financial penalties for the wrong answer are significant. Too few leads means missed sales revenue, while too many to handle means wasted marketing dollars. Ruth Stevens, who has literally written the Maximizing Lead Generation book for B2B marketers, provides a simple calculator to avoid risky guesswork. Inputs to the calculation are average revenue quota per sales rep for the target sales period, average revenue per order, percent of revenue self-generated by sales staff without leads (from referrals and existing accounts, for example), and average conversion rate from qualified lead to sale. Those magic numbers can be derived by consulting sales management, finance staff and your own general business experience -- or you need more than a lead calculator to get on track. Just plug in the numbers to figure target leads per rep. Next, back even further up the sales funnel and calculate the number of inquiries needed per qualified lead! For an example of how it works, go to http://biznology.com/2014/04/how-many-leads-do-you-need-to-generate-use-this-simple-calculator/

Tuesday, September 23, 2014

Is Your Marketing Ready for Generation Z?

Much has been said about marketing to Millennials, but what about the next "Generation Z" of 16- to 19-year-olds just entering the marketplace? Even if you aren't in the youth market, it's time to plan for a new approach to these current and future consumers. Why? First, the so-called Generation Z makes up the largest percentage (25.9%) of the U.S. population. Second, they are different from their consumer predecessors on key marketing parameters. An infographic from Marketo, passed along by MarketingProfs, shows how. As Marketo sums up, "This generation knows the ins and outs of the Internet, shops online, and is ambitious about work." So if you want to inform Gen Z, go digital: 52% do research assignments via social media or YouTube, 33% watch lessons online, and 20% read textbooks on tablets. This is a resourceful DIY group (76% wish their hobbies would turn into full-time jobs, compared with just 50% of Millennials) characterized by self-directed, ambitious work aspirations (72% want to start their own businesses). Good news for nonprofits: Gen Z is also a cohort of do-gooders, with 76% concerned about humanity's overall impact on the planet and 60% wanting their jobs to positively affect their world. If you want to communicate with them, you'll have lots of options: Gen Z prefers to multitask with up to five screens (mobile, TV, laptop, iPod, etc.), compared with Millennials' two-screen world. But that multitasking means short attention spans, so focus on quick-read, attention-grabbing visuals since Gen Z prefers to communicate with images instead of text. Just got your Facebook marketing down pat? You'll miss the boat with many 16- to 19-year-olds: Only 23% used Facebook in 2014, down from 42% in 2012. Many have migrated to image-heavy Instagram and more privacy-oriented platforms like snapchat. For more on Gen Z consumers, go to http://www.marketingprofs.com/chirp/2014/26050/get-to-know-generation-z-marketings-next-big-audience-infographic